Twitter, TikTok, Instagram And YouTube Criticized By Consumer Group Over Misleading Crypto Ads

Topline An influential consumer group on Thursday savaged TikTok, Twitter, YouTube and Instagram over the proliferation of misleading crypto ads on social platforms in a complaint to consumer authorities and the European Commission, raising the prospect of regulatory action in the bloc amid growing international pressure to clamp down on the industry and protect consumers. BEUC complained to the European Commission over misleading crypto ads on social media. Getty Images Key Facts The European Consumer Organization, BEUC, filed a complaint with the European Commission and consumer authorities for “allowing misleading advertisements of crypto assets to multiply on their platforms.” Crypto investments are highly volatile and speculative, exposing consumers to serious harms including scams and the possibility of losing large sums of money, the complaint said, which was jointly filed with nine of the group’s member organizations. Despite the well-documented risks and increasing hype around investing in crypto, the complaint said few consumers are fully aware of the risks they are taking and that advertisers and influencers promoting crypto products on the platforms are not clearly disclosing them. “Consumers are increasingly being promised ‘get rich quick’ investments by ads and influencers on social media,” said BEUC Director General Monique Goyen, many
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